Transparency and integrity are key values that retailers and brand owners must embrace in order to retain the loyalty of the next generation of consumers, according to shopper insight firm HIM.
With the so-called Generation Z of current 18-24 year-olds having spent their entire lives using seamless technology, consumers in this age group are more able to share information and experiences and advocate favourite brands than their predecessors, argues HIM in its new report the Future of Convenience.
This younger generation is also more concerned with health and wellbeing, especially mental health, and more politicised than older consumers, with 13% of them prepared to spend more for a product that has a positive impact on an issue they care about. This compares to only 4% of the current over-55 generation.
Blake Gladman, content and innovation director at HIM, explained: “Transparency is of genuine concern for consumers and the lack of it can be detrimental to a brand’s success. Almost one in three (31%) say they have switched to another brand that was more transparent or environmentally/socially responsible. Now more than ever, consumers are looking for authentic brands who will court them with transparency, simplicity and evidence.”
Gladman added that c-stores have an opportunity to become trusted local partners for younger consumers because, if shoppers trust a particular store, it leads to a 15% increase in footfall, and a 12% increase in basket spend.
He said: “This report highlights the key trends forecasted within convenience in 2018 and how the sector can maximise the opportunities these present. With convenience retailing experiencing seismic change, there is a need for businesses to adapt to these trends for their future success.”
Information on how to access the Future of Convenience 2018 report can be found on the HIM website.